COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3517, 9 August 1921, Page 13

COMMERCIAL CABLEGRAMS.

BANK OP ENGLAND RETURNS. LONDON, August 4. Tho Bunk of England returns for the* week ended August 1 afford the following comparisons with those cf tho previous week : Julv 28. Aug. 4. Coin and bullion £126,558,000 £126,563,000 Reserve 18,537,000 18,133,000 Proportion of reserve to liabilities, per cent. ... 15.22 14.50 Note circulation 128,283,000 128.000.000 Government deposits ... 15,374,000 16,318,000 Other deposits 106,436,0-00 108,710,000 Government securities ... 43.188,000 47,587,000 Other securities 78,001,000 77.281.000 Short loans, 4 per cent.; three months’ bills, 4} per cent. FOREIGN EXCHANGE RATE?. LONDON. August 4. The foreign exchange rates on London afford the following comparison : Par. Aug. 2. Aug. 4. Taris (fr.) 23.362 46.83 46.56 Christiania (kr.) 18.150 28.10 28.22 Stockholm (kr 18.150 17.47 17.55 Copenhagen (kr.) 18.150 33.50 23.34 Montreal (dnl.) 4.86 4.00 4.00 New York (dol.) 4.86 3.56 5 } 3.58 Yokohama (veil) 24. V 32£ 31} Hongkong (dol.) 33£ 33} 33 Berlin (mark) 24.43 292 233 Calcutta (rup.) ... 10 to gold sov. 15} 15£ GOVERNMENT SECURITIES. LONDON. August 4. Tho following are the latest quotations for Government securities, with a comparison with those ruling last week :

LONDON MARKETS. LONDON. August 6. Lamb. —Canterbury, heavy, Hid. Beef. —Frozen Argentine fores, 4J;d; hinds, B}d ; chilled Argentine fores, 4Acl; hinds, Sic!. Cotton.—Liverpool quotation, American middling upland, September delivery, B.Sid per lb. Jute is steady and unchanged. New Zealand Hemp.—August-October shipment, £3B per ton. Rubber. —Fine hard Para, Is per lb; plantation, lirst latex crepe, 9|d; smoked ribbed sheet, 9}d. Linseed oil, £33 10s per ton (equal to 3s 2d per gallon). Turpentine is unchanged. Copra.—August-OctoHr shipment, £35 10s per ton. Tin. —Stocks amount to 13,852 tons; on si>ot, 3186; afloat, 1490; deliveries during July, 1555. Metal Exchange statistics are:—Stocks tin, 6137 tons; copper, 18,277; lead, 12,097; spelter, 18,153. Holiday feeling prevails. NEW ZEALAND PRODUCE. Messrs Dalgety and Co. report having received the following cable from London, datect 4th inst.:—‘Frozen lamb and light mutton, u- -i dei lat uncha ged prices; medium sir| d heavy mutton difficult of sale. Mutton, in favour of buyers. Frozen U-ef, market stagnant.” N< Z ala? d Lean and Mercantile Agency Company lias received the following oablegram from London, dated the 3rd inst.: New Zealand butter: No change in market. Cheese, £6 16s per cwt; market stronger. Tallow: Market active. Frozen mutton, 5d to B}d pc-r lb t Frozen lamb, Is l?d per H>. Frozen beef* Hindquarters, sgd per lb; forequarters, 3AJ per lb. AUSTRALIAN MARKETS. SYDNEY, August 1, Oats: Algerian feed, 3s sd, 3s 6d; white feed, 3s lOd, Is. Maize: Yellow and white, 5s 3d. Potatoes: Ta nianian, £4 10s to £7 10s. Onions; Victorian, £t 10s to £4 15s. ADELAIDE, August 4. Oats, 2s Sd.

INVERCARGILL WOOL SALE. INVERCARGILL, August 2. The third wool sale of the season v/as held to-night. There was a good muster of buyers, who bid freely for practically all lots submitted. Competition was very keen for lightconditioned wools, but prices were down all round, good, bright well-grown hogget wool being the leas!; affected. For these prices were lower by £d to id; good halfbreds and crossbreds were down |d to =|d; and heavyconditioned wools fd to Id compared with the last sale.. Very few lots were passed in. OAMARU MARKETS. (From Our Own Correspondent.) OAMARU, -August 6. “There is little to be said of the local markets, which have been even quieter than in the slow weeks of the immediate past. Milling wheat has continued to come forward in diminished quantity, and a surprise packet was presented by the appearance of a line of 300 sacks of velvet. A number of sales of cats are reported, though a good many holders in the country still decline to accept current prices. The major part of the business was done in A grade Cartons, for which prices paid at country stations were 23 lOd net and 3s. less commission. A parcel of ordinary feed Algerians found a buyer at 2s 3d net at a country siding. There is still nothing doing in barley, but northern reports indicate a return of activity in the Cape variety, end an outlet may be discovered for the stocks on the market. No sales of chaff have been reported, and) for potatoes the market lias no call at any price. Cow grass seed lias weakened a shade, and* the small amount of business done has been at lOd and l(Ed net, cn trucks. SOUTHLAND MARKET REPORT. (From Our Own Correspondent.) INVERCARGILL, August 6. Oats.—There is very little to report, especially in the c-at market, which is virtually lifeless as far as outside business is concerned. A grade Cartons and Duns still command 2s 7d per bushel, cn trucks, sacks extra, from growers at handy sidings. There is little dlispo-sition on the part of merchants : to stock up, as the bulk of the cats required I for seed purposes has been secured some time j back, and with an absence of outside business the position is more or less lifeless. Ryegrass.—The demand from northern centres siili holds. Good well-saved 28lb to 31 lb seed being in strong demand, and prices are on a basis of 43 9d per bushel for 2Dlb seed. Chaff.—This market is distinctly dragging. Growers still hold cut for .24 on trucks, but as there is no possibility whatever of outs.de business, growers arc finding it difficult to make sales. Merchants’ ideas of value do not now r exceed £3 IDs on trucks for good quality chaff. Stock.—During the past week the stock market lias eased slightly, this is particularly noticeable in breeding ewes and forward wethers. There is a drop of 2s to 3s in both these classes. Good m.s. hoggets are selling slightly better than during the past few weeks, there being about 2s advance in this section. Store cattle have improved slightly, and dairy cows still maintain recent values. Both fat sheep and fat cattle are a little easier, especially the former. A fair number of fat cattle are offering, also fat wethers. The following prices may be quoted : BUTTER AND CHEESE. Messrs Dal get y and Co. report having received the following cable from London, dated 29th inst.:—“Butter: Steady, but quiet; Danish, £l3 to £l3 Os; Australian, £lO 17s to £l2 ss; New Zealand, £l2 19s to £l3 o s . Cheese: Firmer; Colour, £6 Gs to £6 12s-' white, £6 10s to £6 165.” NEW ZEALAND INSURANCE COMPANY. THE YEAR’S WORKING. AUCKLAND, August 1. The balance sheet of the New Zealand Insurance Company for the year ended May 31 last show’s a net income from premiums, interests, and rents of £1,373,696, mid a surplus on the year’s transactions of £170,624. The directors recommend placing £25,000 in the reserve fund, £12,500 in the staff pension fund, and paying a dividend of Sd per share, absorbing £50,000, making Is 4d per year; £105,368 was carried forward. PROPERTY SALES. Messrs Scurr and Co. acting under instructions from the local Deputy Public Trustee, offered at auction yesterday three South Dunedin proper! ies. There was a good attendance of buyers and persons interested in pioperties in the neighbourhood. No. 39 Fox street, comprising a four roomed cottage and 8.06 poles of freehold, was gold for £240. Tho

other properties failed to reach the reserve. Dalgety and Co., acting under instructions from the Ohio,;.'! Assignee in Bankruptcy of the property of Mr NV. A. Hopkins, of Christchurch, s-old at their rooms, Dunedin, on Saturday morning, at a satisfactory figure, ad that parcel of land situate in the AVaitali una district, Otago, containing 918 acres 3 roods, 30 perches (more or less), being the whole of the .land comprised and described in certificate of title, vol. 152, folio 119, Otago registry*. The property is known as Awamangu, situate about 14 miles from Balclulha, and is divided into six paddocks, three sides of the boundary being netted. There is a six-roomed dwelling on the property, which lias a splendid supply of runniug water. The land is also good.

Last woe 1 . This week. 2\ y>- r cent. Imp. Con. £ 18 12 6 £49 10 o 5 ]x?r cent. Imp. War Loan ... 88 2 6 88 2 3£ per cent. Imp. Vvar Loan... 87 17 6 86 10 0 5| per cent. C’wealth Loan ... 98 10 0 98 12 6 51 pc*r cent. C’w. alth Loan ... 95 10 0 95 12 e N.S.W. 4 ?, 1938, Jan.-Julv... 79 12 6 76 15 0 n.s.w. ’s. 1035-50, Jan.-.Tulv 63 12 0 63 12 6 N.S.W. 3 s, 1935, April-Oct. ... 67 15 0 68 0 0 N.S.W. ft ,’s 36 0 0 96 10 0 N.S.W. fi 101 15 0 102 10 0 Vie. 4'-. 1921-6, Jan.-Julv ... 87 10 0 87 10 0 Via. 1920-40, Jan.-Ju!v... 64 0 0 64 0 0 Vic. 3 s. 1429-49, Jan.-Julv ... 56 15 0 56 15 0 Q’laml 4’ , 1924. Jan.-.Tnlv ... 90 5 0 90 0 0 Q’lanrl 34 s, 1921-24, Jan.-Julv 89 0 0 89 0 0 g’lami :r- . 1922-17. Jnn.-July 56 5 0 56 ft 0 N.Z. 1V, 1924. Mav-Xov. 85 10 0 85 12 6 N.z. 1910, Jan.-Julv ... 69 12 6 70 0 0 N.z. .r>. 1345, April-Octobcr 60 ft 0 60 ft 0 F.A. 3’s, 1 Jan.-Julv 52 2 6 52 0 0 S. A. SVs, 1445 or after 68 0 0 67 15 0 Tas. 3.4's, 192040. Jan.-Julv ... 64 0 0 68 15 G Tas. 3’s. 1920 40. Jan.-Julv ... 63 0 0 63 0 0 W.A. 34 - , 1920-35. Mav-Julv 72 0 0 72 0 c W.A. 3’s, 1315-35, Mav-Nov. 68 5 0 68 2 6